Bitcoin Price Moves Similarly To The Elliot Wave Count From 2017, Why Price Can Jump Another 80%

Crypto analyst Tony Severino has drawn a similarity between the current Bitcoin price action and that of the 2017 bull run. Based on these similarities, the analyst raised the possibility of the flagship crypto witnessing an 80% surge from its current level. 

In an X post, Tony Severino suggested that the Bitcoin price could rally to $190,000 if history repeats itself. This came as the analyst drew a comparison between the 2024 and 2017 Bitcoin Elliott Wave count, which indicated that Bitcoin could replicate the price movement from the 2017 bull run. 

The analyst’s accompanying chart showed that the Bitcoin price could reach $190,000 on the fifth wave, with this price target marking the peak for the flagship crypto in this cycle. This rally to $190,000 would be similar to how Bitcoin rose from $7,550 in the 2017 bull run to its market peak of $19,000. 

As to how this Bitcoin price rally to $190,000 will happen, the chart showed that Bitcoin could first retrace to around $104,000, then rally to around $123,000, followed by another price correction to $96,000. Once this price correction is done, Bitcoin will begin a new Elliott Wave count, which could eventually send its price to $190,000 on the Wave 5 impulsive move. 

In the meantime, the Bitcoin price is completing the Wave count, which began around late October, just before Donald Trump won the US presidential elections. Since then, Bitcoin has enjoyed bullish momentum and continued to reach new highs. The flagship crypto recently surged past $107,000 as optimism grows that Donald Trump’s administration will create the Strategic Bitcoin Reserve. 

Crypto analyst Justin Bennett predicted that the Bitcoin price could reach $125,000 before the year ends. This came as the analyst stated that Bitcoin is going “full Santa Claus” mode and isn’t showing signs of slowing down. Bennett remarked that pullbacks might be hard to come by through the end of the year. 

The crypto analyst added that any potential pullback is unlikely, especially given the speculation that Bitcoin will become a US reserve asset under Donald Trump. In line with this, Bennett said he won’t be surprised if the Bitcoin price hits $116,000 or even $125,000 by the end of December. 

Crypto analyst Titan of Crypto stated that the Bitcoin price continues to ascend to the moon. The analyst predicted that the flagship crypto could rise to as high as $158,000, although his accompanying chart suggested that would happen next year. 

At the time of writing, the Bitcoin price is trading at around $106,559, up in the last 24 hours, according to data from CoinMarketCap.